Group 1 - The stock price of Miniso Group (09896) increased by 20.02% on August 22, reaching HKD 46.88 per share with a trading volume of HKD 1.364 billion [1] - Miniso Group is a leading global retailer in home and lifestyle products, operating under the brands Miniso and TOP TOY [1] - As of 2021, the total GMV of Miniso's store network was approximately RMB 18 billion (USD 2.8 billion), making it the largest private label home goods retailer globally [1] Group 2 - As of the mid-year report in 2025, Miniso Group reported total revenue of RMB 9.393 billion and a net profit of RMB 906 million [2] - On August 21, the company repurchased 16,000 shares at a price range of HKD 37.8-38 per share, totaling HKD 607,000 [3]

Core Viewpoint - Miniso Group is experiencing significant stock price movement, reflecting investor interest and confidence in its business performance and growth potential [1][2]. Group 1: Company Performance - As of mid-2025, Miniso reported total revenue of 9.393 billion yuan and a net profit of 906 million yuan [2]. - The company's product GMV reached approximately 18 billion yuan (2.8 billion USD) by 2021, establishing it as the largest private label home goods retailer globally [1]. Group 2: Stock Activity - On August 21, the company repurchased 16,000 shares at a price range of 37.8-38 HKD per share, totaling a repurchase amount of 607,000 HKD [2]. - On August 22, Miniso's stock price increased by 12.14%, reaching 43.8 HKD per share with a trading volume of 83.3957 million HKD [1].

Core Insights - Miniso (09896) reported revenue of 9.393 billion RMB for the six months ending June 30, 2025, representing a year-on-year growth of 21.1% [1] - The profit attributable to equity shareholders was 906 million RMB, a decline of 22.6% compared to the previous year [1] - Basic earnings per share for ordinary shares stood at 0.74 RMB [1] Revenue Breakdown - Revenue from the Miniso brand increased by 18.1% to 8.649 billion RMB, with domestic revenue in mainland China growing by 11.4% and overseas revenue increasing by 29.4% [1] - Overseas revenue accounted for 40.9% of total Miniso brand revenue, up from 37.3% in the same period last year [1] - TOP TOY brand revenue surged by 73.0% to 742.1 million RMB, primarily driven by rapid growth in average store count [1] Profitability Metrics - Gross margin reached 44.3%, marking a historical high for the first half of the year, an increase of 0.6 percentage points [1] - The year-on-year growth in gross margin was mainly attributed to increased revenue contribution from the overseas market for the Miniso brand and improved gross margin for TOP TOY [1]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company reported a revenue of 4.427 billion yuan for Q1 2025, representing a year-on-year growth of 18.9%, while net profit decreased by 28.9% to 417 million yuan [1]. - The adjusted net profit for Q1 2025 was 587 million yuan, a decline of 4.8% year-on-year [1]. - The overall gross margin increased by 0.8 percentage points to 44.2% in Q1 2025, driven by an increase in overseas market revenue and improvements in product mix [2]. - The MINISO brand revenue grew by 16.5% year-on-year, with overseas revenue increasing by 30.3% due to a 24.6% rise in average store count [2]. - The total number of stores reached 7,768 by the end of Q1 2025, with a net decrease of 12 stores, while domestic stores decreased by 111 and overseas stores increased by 95 [3]. - The company returned a total of 990 million yuan to shareholders, including 100 million USD in cash dividends and 260 million yuan in share buybacks [3]. Financial Performance Summary - For 2025, the company expects revenues of 20.415 billion yuan, with a growth rate of 20.1% [5]. - The projected profit attributable to equity shareholders for 2025 is 2.701 billion yuan, reflecting a growth rate of 2.8% [5]. - The earnings per share (EPS) for 2025 is estimated at 2.16 yuan [5]. - The company’s return on equity (ROE) is projected to be 20.8% for 2025 [12]. Strategic Focus - The company is focusing on optimizing store quality and structure domestically while maintaining significant investments in overseas markets [4]. - The report highlights the importance of releasing operational leverage in overseas markets during peak seasons [4].

Core Viewpoint - The company reported strong financial performance for Q4 2024, with significant year-on-year growth in revenue and profit, indicating robust operational momentum and effective brand strategies [3][4]. Financial Performance - In 2024, the company achieved a total revenue of 16.99 billion yuan, representing a year-on-year increase of 22.8%, and a net profit attributable to shareholders of 2.62 billion yuan, up 16.2% [3]. - For Q4 2024, the company recorded revenue of 4.71 billion yuan, a 22.7% increase year-on-year, and a profit of 810 million yuan, reflecting a 26.7% growth [3]. Profitability Metrics - The overall gross margin for 2024 was 44.9%, an increase of 3.7 percentage points year-on-year, with Q4 2024 gross margin reaching 47.0%, up 3.9 percentage points [4]. - The MINISO brand revenue for 2024 was 16 billion yuan, growing by 22.0%, driven by a 10.9% increase in domestic revenue and a 41.9% increase in overseas revenue [4]. Brand and Market Expansion - The company expanded its store network significantly, adding over 600 stores internationally, bringing the total to 7,504 MINISO stores and 276 TOP TOY stores by the end of 2024 [5]. - The opening of the MINISO LAND store in Beijing introduced an immersive IP experience, enhancing brand engagement and customer attraction [5].